First guide issued on consumer financing rules

For the first time, the General Authority for Financial Control has issued a comprehensive guide to regulate the activities of consumer finance companies, aiming to unify rules and regulations and ensure legal compliance. This is based on the Consumer Finance Regulation Law No. (18) of 2020. The guide covers the company's lifecycle, from establishment and licensing to business operations and financial solvency standards. It also outlines marketing, advertising, and disclosure rules for clients, with a focus on combating money laundering and terrorism financing, as well as customer identification procedures and reporting suspicious transactions. The goal of the guide is to protect customers' rights and ensure market stability, while enhancing risk management efficiency and internal compliance among companies. Ultimately, it supports sector growth and maximizes its contribution to the national economy.

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